>
>
U.S. Electric Vehicle Market Size - By Propulsion, By Vehicle, By Drivetrain, By Battery, By Range, By Price Range, By End-Use, Analysis, Share, Growth Forecast, 2025 - 2034
Download Free PDF

U.S. Electric Vehicle Market
Get a free sample of this reportGet a free sample of this report U.S. Electric Vehicle Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Buy Now
Immediate Delivery
$2,168 $2,550
15% off
$3,000 $3,750
20% off
$3,535 $5,050
30% off
Buy now
Premium Report Details
Base Year: 2024
Companies covered: 18
Tables & Figures: 230
Countries covered: 1
Pages: 190
Download Free PDF
U.S. Electric Vehicle Market Size
The U.S. electric vehicle market size was valued at USD 119.8 billion in 2024 and is projected to grow at a CAGR of 13.7% between 2025 and 2034. The investments by the US government towards electric vehicles are indeed driving the market. The example of the USD 1.7 billion investments made in July 2024 by the US government on electrical vehicle manufacturing plants serves this purpose well. Such retrofitting activities are expected to modify infrastructure at 11 vehicle manufacturing plants in the region. This initiative will also create thousands of job opportunities for auto workers.
The growing interest in EVs in the US is fueling the favorable EV market growth. For this reason, new models are being developed by manufacturers. For instance, during September 2023 Hyundai launched an off-road capable EV IONIQ 5 XRT. This new model features dual motor (AWD only) + 84 kWh battery, +23mm suspension lift, and 235 / 60 R 18 all-terrain tires. Enhanced driving range improves performance and safety of vehicles.
The XRT is integrated with Tesla's North American Charging Standard (NACS) port that allow it to access around 17,000 Tesla Supercharger stations. These charging stations provide port for both DC and AC type charging in one single plug and assist up to 1MW of power on DC type charging. Additionally, to gain business position manufacturers are introducing new EV models, enhancing battery capacity, and integrating new technologies.
U.S. Electric Vehicle Market Trends
U.S. Electric Vehicle Market Analysis
Based on propulsion, the U.S. EV market is divided into BEV, HEV, PHEV, FCEV. In 2024, the BEV segment dominates the market generating revenue of USD 70 billion and FCEV segment is expected to grow at CAGR of around 15% during the forecast period.
Based on vehicle, the U.S. electric vehicle market is segmented into two-wheeler, passenger car and commercial vehicle. In 2024, the passenger car dominates the market with 75% of market share and is expected to grow at CAGR of over 14% from 2025 to 2034.
Based on batteries, the U.S. electric vehicle market is segmented into sealed lead acid, Nickel Metal Hydride (NiMH), and Lithium-ion batteries, with the lithium-ion category expected to take the lead in the market due to their numerous advantages like high energy density, fast charging capabilities and longer lifespan.
U.S. Electric Vehicle Market Share
U.S. Electric Vehicle Market Companies
Major players operating in the U.S. Electric Vehicle industry are:
Market leaders are constantly capitalizing on different market opportunities such as formations of partnerships and collaboratives, mergers and acquisitions, new launches and innovations, investment in research and development and so on. This is useful as it allows the integration of new features and technologies relevant to vehicles. Similarly, manufacturer merging or acquiring other forces in the market allows for improved business reach, resources, and innovation into their offerings.
In an effort to stay relevant in the competitive market, large businesses are pouring investment into research and development. R&D investment allows companies to facilitate growth in innovation within industry. For example, in May 2024 Honda invested approx. USD 7.6 billion into R&D towards electric vehicles. Compared to last year, there is a 23% increase in investment. Companies are also introducing new products to strengthen their product mix.
U.S. Electric Vehicle Industry News
The U.S. electric vehicle market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and shipment (Units) from 2021 to 2034, for the following segments:
Click here to Buy Section of this Report
Market, By Propulsion
Market, By Vehicle
Market, By Drivetrain
Market, By Battery
Market, By Range
Market, By Price Range
Market, By End Use
The above information is provided for the following regions: